| After you have done research on niche, it is time to | | | | * Median Household Income |
| make some decisions in your business plan. These | | | | * Median Home Value |
| decisions will be assisted by research done with the | | | | * Percentage of owner occupied housing |
| Business Reference USA database and Customer | | | | Using this data, you can decide what type of |
| Reference USA database. Use both of these to | | | | marketing campaign will be most efficient for your |
| research your customers and competition. Talk to your | | | | customer base. |
| library to see if they offer free access to this | | | | Define Your Competition |
| database. | | | | * Do you have any competition? |
| Defining Your Products and/or Services | | | | * Where are they located? |
| Brainstorm to decide what products (and/or services) | | | | * What is your competition's strength and weakness? |
| you want to sell. Provide details on the products (and | | | | After you have answered these questions, be |
| or services) and decide what will make your product | | | | prepared to sell and promote your strengths in your |
| unique to the existing market. If you are unsure about | | | | business plan. Using Business Reference USA, you |
| how to sell a product or service, try working in that | | | | can get business demographic information on your |
| industry for a few months. This will give you | | | | competition that includes: |
| opportunity to see how this type of business is run. | | | | * Sales Volume |
| You will also have the opportunity to ask questions, | | | | * Credit Rating |
| take notes on what you like and what you plan to do | | | | * Location |
| better in your business! | | | | * Years in Reference USA database |
| Define Your Customer | | | | * Year Established |
| Here are some questions to ask when you are | | | | * Number of Employees |
| defining your customer base: | | | | * Business Expenditures |
| * Who are your customers? | | | | * UCC and Public Filings |
| * Where are they located? | | | | * Competition Report |
| * How do you plan to reach them? | | | | * Brands and Products they sell |
| The Customer Reference USA database will assist | | | | Reference USA is a valuable research tool for your |
| you in getting demographics about potential customers. | | | | business plan. It will help you define your niche, |
| Define Your Market | | | | customers, competition, market, and products and |
| Decide on your market demographic using Customer | | | | services. The best part about this is that is free at |
| Reference USA as a valuable research tool. Using | | | | your local library. |
| Customer Reference USA database, you can get the | | | | Part four of this series will focus on using online |
| following data about your market: | | | | business resources. Many of these resources are free |
| * Exact Address and Phone Numbers of potential | | | | and will enable you get the information and guidance |
| customers | | | | you need to develop your business plan. |